How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Buyers & sellers usually negotiate these closing costs.

Many of the closing costs associated with buying residential real estate are associated with getting a loan. At BeneGroup, Inc., we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Getting Your Credit Report
• Up-front Interest Payment
• Escrow Account
• Various Taxes
• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your interest rate (optional)

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

• Flood / Quake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance

BeneGroup, Inc. can help you understand closing costs. Call us at 4083956018.